History beckons at Augusta National for Rory McIlroy and so does the most fraught weekend of his young life. The 21-year-old Irishman will begin the third round of the 2011 Masters with a two-shot advantage but he will be pursued by a phalanx of the best talents in the modern game.

Jason Day, who shot a magnificent round of 64 will lead the chasing pack on eight under par, two behind McIlroy, but inevitably most eyes will be drawn to Tiger Woods, who came from nowhere on Friday to finish in a tie for third place.

The former worldNo1 has been lost for 18 months, mired in personal scandal and the upheaval that comes with changing his swing mechanics. On Friday he was found, eventually signing for a six-under-par round of 66. As has been his wont in recent times he hit more than his quota of loose shots but this time he holed some putts. Four birdies on the back nine had the Augusta galleries roaring and the great man purring.

"Any time you shoot 66 in a major championship, it's a great round," he said. "I am three back so I have played myself back into the championship. I am definitely looking forward to it."

Woods is not the only one looking forward to the next two days.

McIlory, for one, can't wait, and who could blame him for that? Over the last two days he has hit the ball miles, he has hit with unerring accuracy and he has hit it in the hole in fewer shots than anyone else in the field. Sound vaguely familiar? It might to those who remember 1997, when Woods came to Augusta National and reduced the best golfers in the world to an opera chorus, winning the first of 14 major championships by a record margin.

Such parallels, of course, are fraught with danger for those inclined to hand the green jacket to the pride of Holywood, Northern Ireland. Nor are they numerically exact. Twelve years ago Woods was leading by six shots after 36 holes. McIlroy has a mere two-shot advantage, Yet he will begin the day knowing he is in the form of his life.

Tied for the lead overnight after a wonderful opening 65, the Irishman returned to the scene of Thursday's masterpiece and started painting another, covering the first nine holes of his second round in 33 shots, three under par. His back nine was a little more subdued, with a couple of missed birdie opportunities and his first bogey of the week, which came at the par-three 12th hole. But who would complain? Not McIlroy.

"It is fun and nerve-racking. I am going to be nervous. That is natural. But I have been nervous before and have handled it," he said. "I am going to enjoy it. I've got myself into a great position in this golf tournament."

That is the good news for Irishman, The less good news lies in the names of those behind him – the solid KJ Choi, on seven-under par, and the mercurial Aussie Geoff Ogilvy, who overcame a double-bogey on his second hole of the day to finish a second successive round of 69. Fred Couples, who won here in 1992, will fly the flag for the over-50 brigade on five under, while Lee Westwood overcame his putting problems with some imperious ball-striking. "I'm not out of it by any means," said the understated Englishman, also on five under, in his understated way.

And then there is Woods. Written off by most coming into this tournament, he now has that look in his eye, even if his game is still some way short of where it once was. He began his second round with two early bogeys but as the back nine hove into view so did his famous spirit as four birdies turned a ho-hum day into the exactly the kind of day he needed.

It was impressive stuff, even if McIlroy was disinclined to pay homage. "I am only interested in what I am doing myself. If he [Woods] is in contention it will be great for the golf tournament. But I am in a better position," he said.

This was sound thinking from McIlroy, who will spend his Saturday in the company of the 23-year-old Day. The Irishman and the Australian, along with 22-year-old Rickie Fowler, formed not only the youngest threeball of the first two days but also the best. Together they combined for a score of 23 under par.

Afterwards, Day credited McIlroy for inspiring his own efforts. "I watched Rory shoot seven-under on Thursday. He played the course exactly how it should be played. There are certain holes you want to respect and certain holes you want to jump on and that's what I did," he said. "I am happy I'm in contention. I think I have got a chance."

Needless to say, he was not alone. Luke Donald, for one, sounded quietly confident after his second-round 68, tying his lowest score around Augusta National, and a 36-hole total of four under par. Not bad for a player who was three-over par after 10 holes on Thursday. "I feel like I'm getting into the tournament now. The nervous energy from the first round is gone, and hopefully I can continue to make some more birdies," he said.